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Demonetization and 10 Tips to Use Digital/ Plastic Money Worry Free...

Demonetization has forced people to dust off the credit cards and debit cards in their possession and start using it. Some of us are already heavy user of plastic/digital money as they are great products for convenience, lifestyle and money saving opportunities. However, there are several of us who are doing a transaction on a card for the very first time. I thought of sharing some tips and pointers on how to keep yourself protected from any fraudulent activities in doing so.

TIP # 1- Treat cards with the same caution as you would treat your cash with.

TIP # 2- Don’t carry too many cards in your wallet. Only carry the ones that you use on a very frequent basis.

TIP # 3- Make copies of front and back side of cards and keep copies in safe and secure place. If you ever lose your card, you can refer to these photocopies for customer service numbers, card numbers etc.

TIP # 4- Sign-up for SMS, Email alerts. They are free and vital for you to stay on top of transactions on your card

TIP # 5- Call customer care immediately if suddenly you stopped getting the alerts as some fraudster may have taken over your account.

TIP # 6- Report lost or stolen cards ASAP to customer service to limit your liability.

TIP # 7- Avoid card usage in high risk places such as unsecured WIFI Internet connections or ATMs in high crime areas

TIP # 8- Swipe card in your presence. A fraudster needs only few seconds to make a copy of your card and misuse it.

TIP # 9- Never send card details (such as card number, CVV number, expiration date etc.) by Email or SMS.

TIP # 10- Remember to take your card back from the ATM or merchant after each use.

Cheers!!!

Disclaimer: The views expressed here are solely those of the author in his private capacity.

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Ratnakar Pandey has 15+ years of experience in data science and machine learning fields. Currently he is heading the India analytics and data science teams for Kabbage Inc where he is leading models development activity across customer life cycle, from acquisition to customer engagement to fraud prevention and risk based underwriting policy development. Before joining Kabbage, Ratnakar was part of the data science leadership team in Citigroup, Target, Texas Instruments, and few startups in India. Ratnakar holds an MBA from ISB Hyderabad, MS from University of Arkansas, and BTech from HBTI Kanpur.

Stories by Ratnakar Pandey